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Netflix says it added more than 2.4 million subscribers in Q3 2022


Netflix has reported an encouraging rise in the number of subscribers after suffering devastating drops in the first months of the year.

In its third-quarter financial results, Netflix reported it added more than 2.4 million subscribers, with the numbers growing steadily from July-September. Total subscriber numbers now stand at  223 million.

“After a challenging first half, we believe we’re on a path to reaccelerate growth,” the company reported in a letter to shareholders Tuesday.

The majority of new subscribers came from the Asia-Pacific region, with the US-Canada region reporting the least growth in numbers at just 100,000. The numbers supersede its earlier projection of about one million subscribers it had forecast in earlier reports.

“We’re still not growing as fast as we’d like,” Spencer Neumann, Netflix’s chief financial officer, said during the company’s earnings call. “We are building momentum, we are pleased with our progress, but we know we still have a lot more work to do.”

The turnaround is a good indication and gives hope to investors. After making the announcement on Tuesday, Netflix shares surged 14%.

Last week, Netflix introduced its add-supported subscription plans which is priced lower than the rest.

“The key is pleasing members. It’s why we’ve always focused on winning the competition for viewing every day. When our series and movies excite our members, they tell their friends, and then more people watch, join and stay with us,” the company said.

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Simon W Nderitu

Simon is a tech enthusiast who keeps a close eye on emerging technologies, startups and the general business environment. You will often catch him totally immersed and drooling over Artificial Intelligence, Machine Learning, Virtual Reality, Augmented Reality, IoT and just about any other tech that promises to revolutionize the way we live. Send tips to snderitu@techtrendske.co.ke

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